The USD/CAD pair exhibits a subdued performance below the round-level resistance of 1.3700 in Wednesday’s New York session.
USD/CAD edges lower due to a vulnerable US Dollar. The Fed is widely anticipated to begin reducing interest rates from September. Further decline in Canada’s inflation has prompted BoC’s subsequent rate-cut hopes. The Loonie asset remains under pressure as the US Dollar has fallen on the backfoot. The US Dollar weakens as investors see the Fed eral Reserve to begin reducing interest rates from the September meeting.
In the American trading hours, Fed Governor Christopher Waller communicated confidence over moderation in job market and inflation. When asked about rate cuts, Waller said, “I do believe we are getting closer to the time when a cut in the policy rate is warranted, Reuters reported. On the Canadian Dollar front, expectations for the Bank of Canada delivering subsequent rate cuts have been mounted due to further decline in price pressures.
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